- Category: Economic
- Published Friday, February 12, 2016
- CTV News
TORONTO -- A Canadian company has purchased the rights to the classic children's toy Etch A Sketch and its offshoot, the Doodle Sketch.
Toronto-based Spin Master Corp. (TSX:TOY) says it has purchased the patents, trademarks, tooling and inventory for both toys from The Ohio Art Company.
Spin Master prides itself on infusing innovation into the legacy brands it acquires.
In 2013, the company acquired Meccano, which sold toy construction kits. Spin Master revamped the toys with robotic technology. Now kids can build toy drones, ATVs and personal robots with Meccano toys.
Etch A Sketch, created by a French inventor, has been produced or owned by Ohio Art since 1960, when it bought the rights for US$25,000.
Sping Master says it plans to revamp both Etch A Sketch and Doodle Sketch.
"These toys have been popular for more than 50 years and we look forward to building on this foundation of fun and creativity," chairman and co-CEO Anton Rabie said in a statement.
Recently, the company purchased toy-makers Editrice Giochi SRL, an Italian company selling board games and roller blades among other toys, and Cardinal Games, which sells board games, puzzles and 3D puzzles.
With files from The Associated Press